Please note, we only lend on properties which are intended for rent. We will not agree an advance where the owners (or their relatives) plan to occupy the property.
*HMO minimum room dimensions to be determined by statute and local authority requirements. MUFBs must be a min. of 25sqm per unit.
*We will consider applications adjacent or above commercial premises, provided that the use for the commercial properties are in line with the local market and that they do not affect the property's security or long-term rental opportunities. This is restricted to max. LTV of 70%.
**Must not be holiday lets, Airbnb lets, consumer buy-to-lets, shared ownerships, Help to Buy, Right to Buy or residential properties.
|Product Type||Standard||HMO/MUFB||Expatriate||First Time Landlord||Above/Adjacent Commercial|
|Limited Liability Partnership||125%||125%||125%||125%||125%|
|Product Type||Standard||HMO/MUFB||Expatriate||First-time Landlord||Above/Adjacent Commercial|
|Limited Liability Partnership||125%||130%||135%||135%||130%|
Where the application meets more than one of the above stress rates, the higher stress rate will apply for the application.
The underlying affordibility of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5.00%.
However Landbay may consider cases that fail the initial minimum coverage ratio (above) if it is indicated appropriate to do so by using an affordibility model. The Landbay affordibility model will take into account a number of elements including other income.
Please note, all calls to Landbay are recorded for training and monitoring purposes.